The maximum advance payment for imports has been increased to $200,000 per importer.

The Bank of Ghana has increased the maximum advance payment for the importation of goods and services to $200,000.

This change is part of the Central Bank’s amendment of the rules on advance payments for imports. The adjustment, representing a 300% increase from the previous $50,000 limit, will take effect from Monday, July 1, 2024.

With this revision, importers utilizing the advance payment option for imports can now make a maximum payment of $200,000 as per the new amendment.

The Bank of Ghana has announced that, effective July 1, 2024, the maximum amount permitted for imports using the Advance Payment option will be increased from $50,000 to $200,000 per transaction, per importer.

Advance payment is a method of international trade where the buyer places funds at the disposal of the seller before the shipment of goods or services.

Payments are processed within 24 hours after receipt of the customer request.

The required documents for this amendment are:

1. A customer instruction or request.
2. A valid Import Declaration Form (IDF).
3. A pro forma or commercial invoice outlining the details of the transaction.
4. An undertaking by the importer to submit clearing documents within a period not exceeding:
   • 90 days from the payment of the invoice for general merchandise or finished goods.
   • 180 days for capital goods such as plant, machinery, and equipment with long manufacturing periods, extendable with prior approval from the Head of the Financial Markets Department, Bank of Ghana.
5. A sales contract or supplier agreement detailing payment terms and schedules (optional).